Markets

News Details

In order to reduce the long pending grievances of taxpayers and to minimise litigations pertaining to tax matters and to facilitate the Ease of Doing Business, Government of India has decided to increase the threshold monetary limits for filing Departmental Appeals at various levels, be it Appellate Tribunals, High Courts and the Supreme Court.

“This is a major step in the direction of litigation management of both direct and indirect taxes as it will effectively reduce minor litigations and help the Department to focus on high value litigations,” Ministry of Finance said in a press release.

In case of CBDT, out of total cases filed by the Department in ITAT, 34 per cent of cases will be withdrawn. In case of High Courts, 48 per cent of cases will be withdrawn and in case of Supreme Court 54 per cent of cases will be withdrawn. The total percentage of reduction of litigation from Department’s side will get reduced by 41 per cent. However, this will not apply in such cases where substantial point of law is involved.

Similarly, in case of CBIC, out of total cases filed by the Department in CESTAT, 16 per cent of cases will be withdrawn. In case of High Courts, 22 per cent of cases will be withdrawn and in case of Supreme Court 21 per cent of cases will be withdrawn. The total percentage of reduction of litigation from Department’s side will get reduced by 18 per cent. However, this will not apply in such cases where substantial point of law is involved.

ATTENTION INVESTORS
"Prevent Unauthorised transactions in your account --> Update your mobile numbers/email IDs with your stock brokers. Receive information of your transactions directly from Exchange on your mobile/email at the end of the day .......... Issued in the interest of investors"

ATTENTION INVESTORS
"KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary."

ATTENTION INVESTORS
"No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account"